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InsureEco: Insurance solution for the 21st century

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Blockchain-enabled, decentralized, end-to-end insurance software platform aiming bring value & savings to every segment of the insurance industry.

Market and Demand

Without doubt, the large insurance industry of the united states has become a slow-moving, inefficient system that has resulted in every growing frustration of the system providers and the users. This archaic system is now faced with rapidly advancing environment that is driven by technology and innovation. The world is changing quickly as innovators are seeking to use technology to drive businesses and enhance products and service offerings. The insurance industry is realizing that they too need to innovate and stay ahead of their competitors that are working diligently to provide a better more efficient solutions. For a sector that deals with big data, insurance sector is still very digitally immature. It has been quoted that less than half of insurers have the mobile digital functionality to provide the quote and even less that are able to submit and process their claims digitally. This is alarming, as the tech-generation continues to mature they will look for tech-savvy solutions, which in result will leave many providers obsolete.  Some of the reasons behind the technological immaturity and retarded digital growth in the sector can be attributed to the cost associated with initial investment to transform legacy technology systems, the ever-changing regulatory requirements. In 2017, the insurance industry began to take action towards technological development by investing in innovative technologies, which led to the birth of InsurTech, a subset of FinTech. In 2017, we saw significant venture funds investing in early stage start-ups with the aim of driving technological growth hoping to drive their digital strategies. In 2017, approximately $2.2 billion USD was raised, and Q1 of 2018 has already seen $724 USD invested in InsurTech (Figure 1) [i].

Figure 1 – Quarterly InsurTech Funding Volume

Insurance and blockchain. It is really difficult to imagine a better suited match. It is as if the two were made for each other. Blockchain and distributed ledger technology offers solutions such as, scalable processing power, high levels of security and accuracy, and significantly reduced costs compared to the traditional system. Additionally, it allows for efficient record keeping and tracking and blockchain’s “smart contracts” will prove useful. The blockchain-based smart contracts can provide solutions such as managing complex pools of risks in property and casualty and industrial verticals which are usually shared by multiple parties, implementation of parametric risk insurance and the processing of claims and payment more generally. In particular, insurance companies are considering the automation of policy underwriting and handling customer’s claims for claims that have clear parameters: smart contracts provide a reliable and transparent mechanism to fairly handle claims in accordance to contract specific rules. Hence, blockchain technology can be most useful by providing a solution for two of the major challenges that the insurance industry faces, pressure to reduce costs and limited growth in a mature market. [ii]

The explosion of InsurTech has had its flaws as well. Thus far the aim has been to eliminate the middlemen by targeting been wholesale and retail brokers, which only run on approximately 5{d745bfe1f0a8cfaf7934723e820c1a1fdf298af2e9634a8abb073c3029806a15} of GWP. Additionally, there seems to be an increasing number of data thugs and opportunists that are willing to spend millions on advertising and offer fees for leads and charge hefty fees for data validation and aggregation. the costs of such lead generation are then passed onto the costumer. As you can see this does not suggest a shift in the fundamental business model where a shift of power to the consumer would be most appropriate. Neither do we see any increased transparency in the services provide. It seems that instead of helping create an agnostic system that all insurance companies can reliably use, it has created a fragmented system by providing too many options for the same task. Additionally, it appears that the focus has been on automation of processes and not a true disruption.

Enter InsurEco. In a world where value and transparency should drive products, InsurEco believes that it is the customer that should own and control their personal and private data, they should be appropriately compensated for providing access to their data and should play a role in the decision-making process as to what their data is used for. This a significant step forward in light of the recent concerns surrounding the miss-use of data and privacy issues, has resulted in the education of the governing parties and the public regarding how data can be effectively misused. InsurEco’s aims to simplify arrangements, customer transparency, automate decisions, provide value-based products and eliminate float time. They aim to achieve this by generating flexible data models, interldeger protocols, integrate accounting within the corporate fabric, while tokenizing value. Thus, collectively, eliminating the need for data thugs, filling multiple applications, information shared with untrusted sources, while decreasing insurance rates and allowing consumers to earn rewards in the InsureEco system.

Figure 2 – InsurEco Platform

InsurEco System platform has been designed with InsurTech singularity in mind. InsurEco system platform (Figure 2), designed by industry experts with years of experience, offers eight different functionalities such as,

  • Rater Spot – Formal quotes UW, Rating, Insurance Automation
  • Policy Spot – Branded mobile app for certificates and policy storage allowing customers to have access to their information anywhere
  • quickPFA – program pay plans, loan proposals and finance agreements, all located in one place making movement between products seamless and easy.
  • insPay – secure, online gateway for payments, includes recoding of payments on the blockchain (CC, ACH and BTC)
  • io – compliant and secure online signatures (eSignature) and document storage, file access, tracking – eliminating paper files.
  • insBio – permissions, risk data, data validation stored on blockchain and available for all authorized personnel
  • Submission One – lead forms, submission tracking and proposal generation all in one.
  • Market Ninja – access markets and instant rating all in one place.

The back end of the ecosystem is actually quite impressive and uses variety of blockchain technologies such as, BigChainDB (private and public), IBM Hyperledger (decommissioning), R3, PeerCoin (R&D), Komodo (Snapshot backups, and Ethereum (public smart contracts).

Their Teramar hashing API categorizes data into private and public databases and creates all blockchain contracts and transactions. They achieve this using artificial intelligence which has been trained to redact sensitive data (patent pending). Additionally, they have developed it using JSON based RESTful API, thus eliminating any learning curve for InsurTech developers.



Figure 3, highlights the InsurEco platforms roadmap. As you can see they have already significant strides in development of the pieces of the platform and they hope to have a fully functional ecosystem by the end of 2019.

Figure 3 – insurEco roadmap


Team and Advisors

The founding team consists of four people,

  • Derek Lovrenich – with more than 20 years’ experience in InsurTech having helped develop more than 15 systems managing over $1billion USD in premiums. He is the founder and president of The Policy Spot, which is a mobile delivery platform for insurance professionals to deliver policies, manage certificates, and take payments without a merchant account.
  • Dan Duncan – Well connected individual within the insurance industry
  • Aaron Henderson – 15 years of large scale ERP implementations with some of today’s largest brands and their biggest data. He is the VP of solutions engineering at, is a bespoke development firm focused on high-end line-of-business applications for enterprises of all sizes. Leveraging high-performance rich client front-ends and secure, scalable back-end technologies, we’re able to deliver thought provoking user experiences on both mobile devices and desktops.
  • Sagar Mahajan – Full stack developer who has experience working on projects such as RoboMQ.

InsurEco founders

One of the best attributes of InsureEco is their vast reach within the insurance industry, their experience and the experience of their advisors. Their advisory team includes individuals with extensive FinTech/InsurTech background such as, Andrew Robinson, Stephen Fromm, Win Hotchkiss and Michael Salem. Additionally, they have great reach within the insurance industry as well with such members as Joe Zuk, Micheal Coles, Cory Isaacson and Lloyd Yavener.

InsurEco Advisors

Token and supply

InsurEco Token proceed distribution

The total IEC token supply is 42,000,000 with a price of $5USD. A soft cap of $18 million USD and a hard cap of $109 million USD has been set for the ICO. The token crowd sale also began January 1st for the early investors with a 100{d745bfe1f0a8cfaf7934723e820c1a1fdf298af2e9634a8abb073c3029806a15} bonus, on March 4th, the WSIA automation attendees received a 75{d745bfe1f0a8cfaf7934723e820c1a1fdf298af2e9634a8abb073c3029806a15} bonus, March 11th insurance industry exclusive was 50{d745bfe1f0a8cfaf7934723e820c1a1fdf298af2e9634a8abb073c3029806a15}, May 24th, developers and general public receiving 20{d745bfe1f0a8cfaf7934723e820c1a1fdf298af2e9634a8abb073c3029806a15} bonus.

The proceedings of the token sale will be distributed as such, 3{d745bfe1f0a8cfaf7934723e820c1a1fdf298af2e9634a8abb073c3029806a15} to early investors, 5{d745bfe1f0a8cfaf7934723e820c1a1fdf298af2e9634a8abb073c3029806a15} to InsureEco team, 5{d745bfe1f0a8cfaf7934723e820c1a1fdf298af2e9634a8abb073c3029806a15} to advisory board team, 10{d745bfe1f0a8cfaf7934723e820c1a1fdf298af2e9634a8abb073c3029806a15} to insured incentives, 10{d745bfe1f0a8cfaf7934723e820c1a1fdf298af2e9634a8abb073c3029806a15} founders, 22{d745bfe1f0a8cfaf7934723e820c1a1fdf298af2e9634a8abb073c3029806a15} to industry crowd, 45{d745bfe1f0a8cfaf7934723e820c1a1fdf298af2e9634a8abb073c3029806a15} to public.


Key partnerships and associations

On May 24th, InsureEco announced a partnership with Maxxsure to create an integrated insurance cyber scoring and security platform. This partnership will bring Maxxsure’s cyber scoring product M-Score to InsureEco’s raterSpot [iii]. M-Score is a comprehensive cyber risk score of an organization which is presented from 1 to 1000, 1 being poor cyber risk and 1000 being the best cyber risk. Their proprietary blend uses six pillars of cyber risk assessment, governance stands, industry risk, organizational risk, situational risk, infrastructural vulnerability and application vulnerability. This information is gathered and fed to artificial intelligence and machine learning to calculate their M-score. Thus, by being able to quantify risk trough M-score, raterSpot can allow risk managers to make more informed, confident and proactive decisions while reducing risk and exposure.


Final words

In 2017 and Q1 of 2018, we’ve seen a staggering growth and investment in InsurTech. This signifies that the industry has realized the need to revamp of redesign the old archaic insurance industry. With the emergence of the blockchain technology we have seen the disruption of various industries. We believe that blockchain and insurance industry are the perfect match. Blockchain and distributed ledger technology will allow for increased processing power, high levels of security and accuracy, while significantly reducing costs compared to the traditional system, while allowing for efficient record keeping. We believe that InsureEco team has created one of the models with the consumer in mind. This, with the addition of the experience of their team and their vision of what the insurance industry should be in the future, give us confidence that this may be one of the most successful blockchain projects / ICOs of 2018. Our team is planning to invest in this project during their ICO stage.



  • [i] DLA PIPER Insurance sector trends: 2017 year-end review and forecasts for 2018
  • [ii] CB Insights Quarterly InsurTech Briefing Q1 2018
  • [iii]


Author avatar

Dr. Tiam Feridooni

Written by: Dr. Tiam Feridooni MD, PhD, BSc Dr. Feridooni, graduated from Dalhousie Medical School in May, 2018. Prior to enrolling in medical school, he completed his Bachelor of Science with Honours in 2010 in Biochemistry. He then obtained his PhD at Dalhousie University in Pharmacology in 2014, with a focus around regenerative medicine and stem cell transplantation. Dr. Feridooni has been published numerous high impact journals and has also co-authored a few books.